Ameer Rosic: Have We Learned Nothing? Repeating the Mistakes of the 2008 Bailout
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Mark Allan Bovair
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Finance guy. Dad. Podcast host. Restless cubicle, er, open office dweller. Hating Mondays since 1985. Too normal for twitter.
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At the center of the Senate Republicans’ version of the emergency aid bill, which Democrats opposed on Sunday and Monday, is $500 billion in money for big corporations that is to be entrusted to one public official—the Secretary of the Treasury—with no oversight of his decisions and no strong rules laying down how corporations should, and should not, use those funds. The ostensible reason for this is to protect jobs, yet the GOP bill’s job language is more of a suggestion than a mandate.
The coronavirus has crippled major sectors of our economy—including airlines, hotels, aviation, aerospace manufacturing, and small business. Just as the federal government needed to intervene in the financial sector in 2008, the federal government needs to help these sectors of our economy now. But a lot of people are asking, didn’t we just do that in the bank bailout? And should we repeat the bank bailout, this time with Donald Trump and Steve Mnuchin in charge?
#Bailout #AmeerApproved
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